Friday's Rates

Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties)

30 Year Fixed:  5.875%  (APR 6.013%).  Payment per $1000 = $5.92

30 Year Fixed with 10 Year Interest Only:  6.125% (APR 6.265%).  Payment per $1000 = $5.10

7/1 ARM:  5.625% (APR 5.761%).  Payment per $1000 = $5.76

5/1 ARM:  5.500%  (APR 5.635%).  Payment per $1000 = $5.68

5/1 ARM with 10 Year Interest Only:  5.625%  (APR 5.761%).  Payment per $1000 = $4.69

JUMBO (Non-Conforming) Rates.   Pricing is based on the same criteria above, with the exception that the loan amount is $417,001-$650,000 (20% down).

30 Year Fixed: 6.125% (APR 6.268%).  Payment per $1000 = $6.08

30 Year Fixed with interest only payments: 6.125% (APR 6.268%).  Payment per $1000 = $5.10

5/1 ARM:  6.00% (APR 6.146%).  Payment per $1000 = $6.00

5/1 ARM with 10 Year interest only payments: 6.00% (APR 6.146%).  Payment per $1000 = $5.00

The above posted rates are as of 8:30 a.m. PST.   I've covered how I price rates for the rate post before on Rain City Guide.  Since I've just started posting rates on Mortgage Porter...I should probably cover this information here too!

Conforming mortgage rates are based on a purchase price of $500,000 and loan amount of $400,000 (20% down payment).   The borrower has a mid credit score of 680 or better and the loan is "full doc" (not stated or reduced doc).   The rates above are priced with 1 discount/origination point.   And the rate is based on a 45 day lock period.    I am required to disclose APR, however do not shop your mortgage by APR.     The same information for pricing is true for the Jumbo (non-conforming rates) except for the sales price and loan amounts are higher (see above).

Last...but not least, rates are posted for reference only.   I do not recommend selecting the person who will advise you of one of your largest investments by interest rate alone.   The best rate on the wrong program is a very costly mistake.